UTWY vs. ZTWO
UTWY (F/m US Treasury 20 Year Bond ETF) and ZTWO (F/M 2-Year Investment Grade Corporate Bond ETF) are both exchange-traded funds - UTWY is a Government Bonds fund tracking the Bloomberg US Treasury Bellwether 20 Year Index, while ZTWO is a Short-Term Bond fund tracking the ICE 2-Year US Target Maturity Corporate Index - Benchmark TR Gross. Both are passively managed. Over the past year, UTWY returned -1.66% vs 3.23% for ZTWO. Their 0.64 correlation means they have sometimes moved together and sometimes differently. Both charge a 0.15% expense ratio.
Performance
UTWY vs. ZTWO - Performance Comparison
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Returns By Period
In the year-to-date period, UTWY achieves a -3.22% return, which is significantly lower than ZTWO's 1.30% return.
UTWY
- 1D
- -0.65%
- 1M
- -3.22%
- 6M
- -3.26%
- YTD
- -3.22%
- 1Y
- -1.66%
- 3Y*
- -0.41%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -1.63%
ZTWO
- 1D
- -0.12%
- 1M
- -0.05%
- 6M
- 0.87%
- YTD
- 1.30%
- 1Y
- 3.23%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 4.43%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $108.36K | $60.31K | $63.45K | |
| $88.61K | $63.37K | $67.56K |
UTWY vs. ZTWO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
UTWY F/m US Treasury 20 Year Bond ETF | -3.22% | 4.82% | -0.95% |
ZTWO F/M 2-Year Investment Grade Corporate Bond ETF | 1.30% | 5.49% | 0.36% |
Correlation
The correlation between UTWY and ZTWO is 0.65, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.65 |
Correlation (All Time) Calculated using the full available price history since Dec 19, 2024 | 0.64 |
The correlation between UTWY and ZTWO has been stable across timeframes, ranging from 0.64 to 0.65 - a consistent structural relationship.
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Return for Risk
UTWY vs. ZTWO — Risk / Return Rank
UTWY
ZTWO
UTWY vs. ZTWO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for F/m US Treasury 20 Year Bond ETF (UTWY) and F/M 2-Year Investment Grade Corporate Bond ETF (ZTWO). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| UTWY | ZTWO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.72 | ||
| Sortino ratioReturn per unit of downside risk | -4.27 | ||
| Omega ratioGain probability vs. loss probability | 1.00 | 1.53 | -0.54 |
| Calmar ratioReturn relative to maximum drawdown | -0.05 | 3.92 | -3.97 |
| Martin ratioReturn relative to average drawdown | -0.12 | 18.21 | -18.33 |
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Drawdowns
UTWY vs. ZTWO - Drawdown Comparison
The maximum UTWY drawdown since its inception was -18.19%, which is greater than ZTWO's maximum drawdown of -0.93%. Use the drawdown chart below to compare losses from any high point for UTWY and ZTWO.
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Drawdown Indicators
| UTWY | ZTWO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.19% | -0.93% | -17.26% |
Max Drawdown (1Y)Largest decline over 1 year | -6.72% | -0.93% | -5.79% |
Max Drawdown (3Y)Largest decline over 3 years | -11.88% | — | — |
Current DrawdownCurrent decline from peak | -8.47% | -0.12% | -8.35% |
Average DrawdownAverage peak-to-trough decline | -6.98% | -0.10% | -6.88% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.00% | 0.20% | +2.80% |
Volatility
UTWY vs. ZTWO - Volatility Comparison
F/m US Treasury 20 Year Bond ETF (UTWY) has a higher volatility of 2.09% compared to F/M 2-Year Investment Grade Corporate Bond ETF (ZTWO) at 0.41%. This indicates that UTWY's price experiences larger fluctuations and is considered to be riskier than ZTWO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| UTWY | ZTWO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.09% | 0.41% | +1.68% |
Volatility (6M)Calculated over the trailing 6-month period | 6.01% | 1.09% | +4.92% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.83% | 1.37% | +6.46% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.97% | 1.49% | +9.48% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.97% | 1.49% | +9.48% |
UTWY vs. ZTWO - Expense Ratio Comparison
Both UTWY and ZTWO have an expense ratio of 0.15%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.
Dividends
UTWY vs. ZTWO - Dividend Comparison
UTWY's dividend yield for the trailing twelve months is around 5.27%, more than ZTWO's 4.45% yield.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
UTWY F/m US Treasury 20 Year Bond ETF | 4.85% | 4.62% | 4.56% | 2.94% |
ZTWO F/M 2-Year Investment Grade Corporate Bond ETF | 4.13% | 4.31% | 0.39% | 0.00% |
Frequently Asked Questions
UTWY and ZTWO have a correlation of 0.65, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UTWY has higher volatility (2.09%) compared to ZTWO (0.41%). In terms of maximum drawdown, UTWY dropped -18.19% vs ZTWO's -0.93%.
On 1-year performance, ZTWO leads with 3.23% vs -1.66% for UTWY. Both ETFs have the same 0.15% expense ratio. On volatility, ZTWO has been the lower-risk option at 0.41%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, ZTWO has performed better with a 3.23% return vs -1.66%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
UTWY and ZTWO have the same expense ratio: 0.15% per year.
UTWY has the higher dividend yield at 4.85%, compared with 4.13% for ZTWO.
UTWY is categorized as Government Bonds, while ZTWO is Short-Term Bond. UTWY tracks Bloomberg US Treasury Bellwether 20 Year Index, while ZTWO tracks ICE 2-Year US Target Maturity Corporate Index - Benchmark TR Gross.
ZTWO currently has the higher Sharpe Ratio (2.67 vs -0.05), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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